Companies today face disruptions and business risks the likes of which haven’t been seen in decades. The enterprises that ultimately succeed are the ones that have built up resilience.
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To be truly resilient, an organization must be able to continuously gather data from diverse sources, correlate it, draw accurate conclusions, and in near-real time trigger appropriate actions. This requires continuous monitoring of events both within and outside an enterprise to detect, diagnose, and resolve issues before they can cause any damage.
This is especially true when it comes to enterprise procurement. Upwards of 70% of an organization’s revenue can flow through procurement. This highlights the critical need to detect potential business disruptions, spend leakages (purchases made at sub-optimal prices by deviating from established contracts, catalogs, or procurement policies), non-compliance, and fraud. Large organizations can have a dizzying array of data related to thousands of suppliers and accompanying contracts.
Yet amassing and extracting value from these large amounts of data is difficult for humans to keep up with, as the number of data sources and volume of data only continues to grow exponentially. Current data monitoring and analysis methods are no longer sufficient.
“While periodic spend analysis was okay up until a few years ago, today it’s essential that you do this kind of data analysis continuously, on a daily basis, to spot issues and address them quicker,” says Shouvik Banerjee, product owner for ignio Cognitive Procurement at Digitate.
Enterprises need a tool that continuously monitors data so they can use their funds more effectively. Companies across industries have found success with ignio Cognitive Procurement, an AI-based analytics solution for procure-to-pay. The solution screens purchase transactions to detect and predict anomalies that increase risk, spend leakage, cycle time, and non-compliance.
For example, the product flags purchase requests with suppliers who have a poor track record of compliance with local labor laws. Likewise, it flags urgent purchases whose fulfillment is likely to be delayed based on patterns observed in similar transactions in the past. It also flags invoices that need to be prioritized to take advantage of early payment discounts.
“It’s a system of intelligence versus other products in the market, which are systems of record,” says Banerjee. Not only does ignio Cognitive Procurement analyze an organization’s array of transactions, it also takes into account relevant market data on suppliers and categories on a daily basis.
ignio Cognitive Procurement is unique for its ability to correlate what’s currently happening in the market with what’s going on inside an organization, and it makes specific recommendations to stakeholders. For example, the solution can simplify category managers’ work, helping them source the best deals for their company, or make decisions such as whether to place an order now or hold off for a month.
Charged with finding the best suppliers and monitoring their success within the context of the market, category managers work better and smarter when they can tap into ignio Cognitive Procurement.
ignio Cognitive Procurement also identifies other opportunities to save money and improve the effectiveness of procurement. For instance, the solution proactively makes business recommendations that seamlessly take into account not only price, but also a variety of key factors like timeliness, popularity, external market indicators, suppliers’ market reputation, and their legal, compliance, and sustainability records.
“Companies also use the software to analyze that part of spend that’s not happening through contracts,” says Banerjee, “and they’ve been able to identify items which have significant price variance.”
To avoid irreversible damage or missed opportunities and to keep a competitive advantage, organizations across industries urgently need an AI-based analytics solution for procure-to-pay that can augment their human capabilities.
To learn more about Digitate’signio Cognitive Procurement, click here.